Friday, August 12, 2011

The other averages

The other averages are confirming showing the same 1 min chart opening indications, of course it is very early and a lot can happen, I would change my expectation if the breakout level which you can see as a red trendline in most of the charts, were broken to the upside on increasing volume. Yesterday I expected there to be a head fake based on the bottoming pattern as t was too obvious, I believe this is it, with the market likely basing a bit more. However, the intermediate/long term charts continue to gain strength so short term moves don't effect my bigger picture outlook.


 DIA

 IWM

QQQ

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